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Photo = Yonhap news |
[Alpha Biz= Paul Lee] Hyundai Motor Securities has reaffirmed its BUY rating on Green Cross (006280), maintaining a target price of 210,000 KRW, citing continued growth in AliGloba sales and additional revenue from the flu season.
According to today's report, AliGloba remains the key driver of Green Cross’s revenue expansion, with the company maintaining its $100 million (approx. 144.8 billion KRW) guidance for 2025. The report projects that AliGloba sales will fluctuate quarterly, with lower revenue in Q1 and Q4 and stronger performance in Q2 and Q3.
The firm noted that AliGloba, which began sales in the latter half of last year, currently has stockpiled inventory. Due to this, Q1 sales may be relatively lower, as existing inventory will be used to fulfill demand. However, revenues are expected to rise again from Q2, aligning with the company’s forecast that sales will be higher in H2 2025 compared to H1.
On potential tariff concerns, the firm believes the risk is minimal since plasma sourced in the U.S. is further processed and re-exported there, and due to supply shortages, the product is deemed essential for local patients.
Hyundai Motor Securities also highlighted the IVIG market's rapid expansion, noting that key competitor ADMA recorded 6.17 trillion KRW in 2024 sales, a 65% increase from the previous year. The global IVIG market is projected to reach $20 billion (28.9 trillion KRW) by 2030, driven by aging demographics and rising immunodeficiency diagnoses.
With strong market demand and a favorable sales outlook for AliGloba, Green Cross is well-positioned for continued growth.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
